Acreage Acquisition

Roc Oil Company Limited
04 September 2007



4 September 2007

                         ROC OIL COMPANY LIMITED ('ROC')
                             STOCK EXCHANGE RELEASE

                              ACREAGE ACQUISITION:
                ROC FARMS INTO VLAMING SUB-BASIN, OFFSHORE PERTH

ROC is pleased to advise that its wholly-owned subsidiary Roc Oil (WA) Pty
Limited has executed a Farm-in Agreement with Lempika Pty Limited, Emphazise Pty
Limited and Westralian Petroleum Limited with regard to adjacent exploration
permits WA-381-P and WA-382-P ('the Permits') in the Vlaming Sub-Basin, offshore
Perth (Attachment 1*).

1.    THE FARMIN

Subject to government approval, ROC has acquired an initial 20% interest in the
Permits and has been granted a further two options that can be exercised by
funding a staged work programme. Specifically:

  • ROC has agreed to acquire a 20% interest in the Permits and be appointed
    Operator by funding 100% of A$2 million pre-seismic exploration activity.

  • The second stage option to acquire an additional 20% interest in the
    Permits requires ROC to fund a A$5 million 2D/3D seismic programme. Subject
    to the availability of seismic vessels, ROC and its co-venturers intend to
    move as quickly as possible to acquire seismic in order to allow the Joint
    Venture to consider the details of its 2008-2009 drilling strategy.

  • If ROC elects to exercise the final option, it will be required to pay
    100% of an exploration well in one and/or both Permits up to a cost of A$15
    million per well, for an additional 40% interest in the Permit in which the
    well is located.

On the above basis, if ROC exercised all options it will acquire an 80% interest
in the Permits in consideration for funding of A$37 million work programme.

2.    THE AREA

The Permits are located approximately 35 km west of Perth in Commonwealth waters
and cover 4,540 sq km (Attachment 1). Water depths range from 15 metres to 1500
metres.

The key attractions of the area include:

  • Access to both gas and oil infrastructure in the Kwinana-Perth area;

  • Several different oil and gas plays are recognised in the area which
    appear to have all the characteristics necessary to generate and trap oil
    and/or gas accumulations. Seismic data acquired between 1975 and 2004
    indicate the presence of a number of structural leads and prospects which
    will be covered by the proposed 2D/3D seismic data;

  • Hydrocarbon source is not thought to be a major problem because five of
    the seventeen exploration wells drilled in and around the Permits recorded
    oil and/or gas shows with one well, immediately to the north, recovering
    approximately 100 barrels of light oil;

  • Wells drilled to date indicate good quality reservoirs to a depth of
    approximately 3,000 metres; and

  • The presence and extent of a competent cap rock was considered to be the
    main technical challenge in the Permits but a recent extensive review has
    provided better and more positive insights into this aspect of the petroleum
    system in this part of the Vlaming Sub-basin.


3.    THE JOINT VENTURE

The initial interests in the Area will be:

Roc Oil (WA) Pty Limited (Operator)........20%
Westralian Petroleum Limited...............40%
Lempika Pty Limited........................20%
Emphazise Pty Limited......................20%

4.    CEO'S COMMENTS

Commenting on the farm-in, ROC's Chief Executive Officer, John Doran, stated
that:

'The Vlaming Sub-basin sits slap bang in the middle of ROC's core competency. As
Operator, the Company led the Joint Venture that discovered and developed the
Cliff Head Oil Field, in the environmentally sensitive Perth Basin, some 350 km
to the north. One of the hallmarks of the Cliff Head Development was ROC's close
liaison with the local community, particularly the crayfishing industry, to
ensure that the environmental footprint is minimal and that the Company's
activities recognise and respect all interested parties. Quite bluntly, our
Cliff Head experience provides a really good case history as to how well
industry-community liaisions can work if all the relevant parties are directly
involved from the outset.

ROC has been reviewing the prospectivity of the Permits since early 2006 and
therefore, it is particularly pleasing to be able to structure a mutually
beneficial arrangement with the farmors without ROC committing to a well until
more information is available.'

* For a copy of Attachment 1, please see release on ROC's website.
(http://www.rocoil.com.au/Public/Announcement/2007/Acreage_Acquisition_ROC_Farms_Into_Vlaming_Sub-
Basin,_Offshore_Perth_040907.aspx)

Damian Fisher
General Manager
External Affairs & Investor Relations

                                         For further information please contact:
                                                                Dr John Doran on
                                                            Tel: [phone]
                                                            Fax: [phone]
                                                     Email: [e-mail]
                                       Or visit ROC's website: www.rocoil.com.au

                                                                   Dr Kevin Hird
                                          General Manager - Business Development
                                           Tel: [phone]
                                            Mob: [phone]
                                                     Email:  [e-mail]
 
                                                                    Michael Shaw
                                    Oriel Securities Limited (Nominated Adviser)
                                                       Tel:  [phone]



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